Northeast

Med Review Renews, Expands Office Lease at 199 Water Street in New York City

by Taylor Williams April 24, 2019

NEW YORK CITY — Med Review, a subsidiary of the New York County Health Services Organizations that provides healthcare assessment services, has inked a deal to lease 72,439 square feet of office space at 199 Water Street in New York City. As part of the deal, the firm is taking an additional 35,454 square feet on the seventh floor, while also renewing its 36,985-square-foot space that spans the entire 27th floor. Built in 1984, 199 Water Street was renovated in 2014 to offer upgraded signage and lighting, as well as to add a new parking garage and tenant amenities. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis, along with John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield. Mark Ravesloot and Bill Iacovelli of CBRE represented Med Review. Other tenants at the 1.1 million-square-foot property include The Howard Hughes Corp. and Allied World Insurance Co.

April 24, 2019

Leasing Activity Massachusetts Northeast Office

Trammell Crow Co. to Open New Office in Boston

by Taylor Williams April 24, 2019

BOSTON — Dallas-based developer Trammell Crow Co. will open a new office in Boston. Charles Leatherbee, who joins the company from Skanska USA Commercial Development and most recently served as executive vice president in that firm’s Boston office, will head the new Trammell Crow office beginning Monday, May 6. The exact location and square footage of the new office is still being negotiated. The company hopes to announce that information in the coming weeks. Trammell Crow CEO Matt Khourie cited Boston’s diversified economy and deep pool of talent as key reasons behind the company’s decision to open the Boston office, which will offer development services for office, multifamily, life sciences and industrial product.

April 24, 2019

Leasing Activity New York Northeast Office

Real Estate Consulting Firm Signs 10,024 SF Office Lease in Midtown Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Real estate consulting firm Vanbarton Group has signed a 10,024-square-foot office lease at Penn Plaza, located at 132 W. 31st St. in Manhattan’s Midtown area. The lease term spans seven years. Mitchell Konsker, Matthew Astrachan, Adam Haber and Kyle Young of JLL represented the tenant in the lease negotiations. Gabe Marans and Justin Greenstone of Savills Inc. represented the landlord, ExecOnline. The company is relocating from 860 Broadway.

April 24, 2019

Affordable Housing Development Maine Multifamily Northeast Seniors Housing

Hunt Capital Provides $2.1M Tax Credit Financing for Affordable Housing Project in Maine

by Taylor Williams April 24, 2019

INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.

April 24, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Strengthening Performance Signals Good Things to Come for Northern New Jersey Office Market

by Kristin Harlow April 24, 2019

Strengthening office performance in the northern New Jersey marketplace signals good things to come as 2019 unfolds. The market yielded approximately 292,000 square feet of net occupancy gains in 2018. This was fueled by three straight quarters of more than 1 million square feet in new leasing activity, with annual demand finishing 15.4 percent ahead of 2017. This progress runs parallel to improving employment numbers. At year-end, the Garden State unemployment rate registered at 4 percent, its lowest point since mid-2001. This marks a 70-basis-point decline year-over-year, with private-sector employment increasing by almost 62,000 jobs. Within this context, the diversity of New Jersey’s tenant mix is making itself apparent. No one sector is predominantly making waves. We are seeing healthy Class A leasing activity among life sciences, technology, financial, professional services and a range of other space users that comprise the state’s balanced occupier base. Last year was proof that both urban and suburban submarkets continue to thrive. Where one company prefers the Hudson Waterfront with immediate access to mass transit and ability to draw talent from New York City, another may seek a suburban campus that draws upon a labor force of commuters driving from the state’s western counties …

April 24, 2019

Development Northeast Office Pennsylvania

Rubenstein Partners to Redevelop 466,736 SF Office Park in Makefield, Pennsylvania

by Taylor Williams April 23, 2019

MAKEFIELD, PENN. — Rubenstein Partners LP, an investment firm focused on value-add office deals, will redevelop two office parks totaling 466,736 square feet in Makefield, about 40 miles northeast of Philadelphia. The Makefield Crossing North campus consists of five office buildings totaling 190,183 square feet, plus a Hampton Inn hotel that was not included in the acquisition. The Makefield Crossing South campus consists of four office buildings, of which Rubenstein acquired three buildings totaling 276,533 square feet. At both campuses, Rubenstein will convert the interior parking lots to open green spaces, renovate the common areas of the buildings, replace signage and add new amenities, including a fitness center, conference center and a tenant lounge. Rubenstein will also rebrand the properties. JLL will handle leasing of the redeveloped spaces.

April 23, 2019

Development Multifamily New York Northeast

Vanbarton Group Begins Leasing 25-Story Residential Building in Midtown Manhattan

by Taylor Williams April 23, 2019

NEW YORK CITY — Real estate investment and development firm Vanbarton Group has begun leasing Hollingsworth, a 25-story residential tower located at the corner of West 37th Street and Sixth Avenue in Midtown Manhattan. Designed by New York-based Fogarty Finger, the property offers 380 units and amenities such as a fitness center, package lockers, a rooftop lounge and an outdoor grilling area. Units feature imported Italian tile and soaking tubs in bathrooms, stone countertops and backsplashes in kitchens, as well as wood plank flooring and washers and dryers. Rents start at approximately $3,330 per month for studio units, $4,250 per month for one-bedroom residences and $5,925 per month for two-bedroom units. Move-ins will begin in May.

April 23, 2019

Loans Multifamily New York Northeast

Madison Realty Capital Provides $27M for Brooklyn Multifamily Project

by Taylor Williams April 23, 2019

NEW YORK CITY —Madison Realty Capital has provided a $27 million first mortgage loan for the development of 93 Linden Street, a 68-unit multifamily project in the Bushwick neighborhood of Brooklyn. The undisclosed borrower has completed 35 percent of the project and expects the full completion to occur during the first quarter of 2020. Upon completion, 93 Linden Street will offer studio, one- and two-bedroom units, 70 percent of which will be priced at market rates. The remaining 30 percent will be affordable housing units.

April 23, 2019

Loans Multifamily New York Northeast

Juniper Capital Arranges $14M Acquisition Loan for Syracuse Apartments

by Taylor Williams April 23, 2019

SYRACUSE, N.Y. — New York City-based Juniper Capital has arranged a $14 million bridge loan for the acquisition of Orchard Estates, a 300-unit apartment complex in Syracuse. The property, which was 85 percent occupied at the time of the loan application, offers units in a variety of formats and amenities such as a pool, picnic area and onsite laundry facilities. Arbor Realty Trust Inc. originated the loan, which carries a three-year term and an 85 percent loan-to-cost structure. The borrower, New Jersey-based Vintage Management, will use a portion of the proceeds to fund capital improvements to unit interiors and add new amenities.

April 23, 2019

Acquisitions New Jersey Northeast Retail

Goldstein Group Brokers Sale of 17,661 SF Retail Asset in Paramus, New Jersey

by Taylor Williams April 23, 2019

PARAMUS, N.J. — The Goldstein Group, a brokerage firm based in New Jersey, has negotiated the sale of a 17,661-square-foot retail asset in Paramus, located directly across the Hudson River from The Bronx. Outdoor furniture store Harrow’s most recently occupied the property. Before Harrow’s, Maurice Villency Furniture leased the space for more than 30 years. Lew Finkelstein and C.J. Huter of The Goldstein Group represented the seller, 685 LLC, in the transaction. The buyer was a subsidiary of J&M Furniture.

April 23, 2019

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